Pro & Cons of joint car ownership. Insurance implications?

Question

My brother and I are considering joint ownership of a car to keep costs down on purchase and servicing. Not sure exactly how it will work, maybe alternate weeks?

It will be a Mitsibushi Evo (not sure what model).

Putting aside the obvious incnvenience of not always having the car outside my front door, is insurance going to be a problem and does anybody have any idea how it can be done? We both have other cars, would it be worth keeping them or having one between us when the other one has the Evo?

Is this do'able or is it just not worth the hassle??

Answer 1

You will have to decide which policy to put the vehicle on. Also, since both of you will be drivers of the vehicle, whoever's insurance the vehicle is NOT on will have to be listed as a driver on the other's policy. Also, you will need to add the joint owner as an additional insured on the policy to protect the ownership interests since both of you can be sued as owners of the vehicle. Now, this does have insurance implications because you will be taking on the other's liability (the one whose insurance you add the vehicle to). In other words, if you put the vehicle on your policy and your brother has a major accident with the vehicle, you BOTH can be sued (and probably will be) and if you do not have enough insurance, you are putting all of your assets on the line for him. His driving record will affect your insurance - and visa versa - it will affect not only your rates but also whether your policy can be renewed (unless you are with Progressive or another similar company).
I hope this helps.

Answer 2

Joint Car Insurance

Answer 3

In the UK the car can only be registered to one person, or to a company - it cannot be registered in joint names. Similarly, the insurance policy is likely to be in one name only (should be the same as on the registration) with the second as a named driver.

Unlike the USA, we don't really have a "title" to the car that is separate from the registration in the UK, so any joint ownership will be down to a private agreement between yourself and your brother.
I would recommend you draw up a contract between you, both sign it, and both keep copies, stating exactly how much of the purchase and running costs each is going to pay. Bear in mind that you may not both use the car equally, which could lead to arguments later (if you have agreed to pay servicing costs 50/50, but one of you had racked up 70% of the miles since the last service, for example), so you'll have to think of all these in your agreement.

Answer 4

I easily have owned 2 timeshares in the previous and those are my execs and cons: execs: You very own something of cost you have your trip lodging dealt with for as long as you very own maximum timeshares (and that i assume Disney) are impressive motel form places CONS: it is going to in no way take excitement in in cost Even on the form which you will swap, you're very constrained on your trip places you may desire to take trip the comparable time each and each twelve months maximum timeshare inns are huge and there is not any sense of non-public interest you plenty times get as a return customer at maximum inns once you injury down the first cost and how plenty you may regularly spend on trip in any given twelve months you will see which you're spending plenty.

Answer 5

ok my wife has done this with my 2 son, first it good if you married an are not together, the other pater cant not take it fromyou, but if you want to sell you both will need to sign,,,,now if you get mad at him , you have the right to take the car, but he then can then come back an take the car, it a 50 / 50 deal, inc may be highter,

Answer 6

It's certainly doable - married couples have been doing it for years. One tip - ask your insurance broker about the cheapest way of doing the insurance. I mean, one of you may be the cheaper option as the principal driver, rather than the other.